CNN traveled to "shark alley" off the coast of South Africa, one of the best places in the world to see great whites.

 

 Shark tourism has become big business, bringing in more than $30 million every year to South Africa.

The experience is a major draw for tourists, but it's controversial. Local surfers and swimmers say it is changing shark behavior and may be causing more attacks.

Anderson Cooper swam with these great white sharks -- without a cage -- as part of his report for "Planet in Peril: Battle Lines," airing Thursday at 9 p.m. ET on CNN.

He talked about the experience Thursday morning with "American Morning" anchors John Roberts and Kiran Chetry.

Anderson Cooper: We went diving with great white sharks. There is a big controversy over whether or not these cage tour operators are actually changing sharks' behavior. They chum the water to attract the sharks, tourists get in the water, and so we had the opportunity to go cage diving and also to go free diving with the sharks, which is a pretty rare thing. There's not many people on the planet who actually do it, probably for very smart reasons.

You'll see that tonight on "Planet in Peril." Actually, swimming with great white sharks without a cage, which is among the most remarkable experiences of my life, I've got to say. Anderson dives with great whites »

Kiran Chetry: What do they call that, a free dive with sharks?

Cooper: Yeah, we went free diving with the sharks. The water is chummed with blood, so it's bloody water, and I was just about to get in, and I turned to the guy and said, "Do you have any recommendations?'" And he said, "Project confidence." See how great white sharks are lured to the surface »

Chetry: There you go. Thanks.

John Roberts: He also told you not to breathe, right, because they don't like the noise of the bubbles?

Cooper: Right, they don't like air bubbles.

Roberts: So, meantime you're down there hyperventilating.

Cooper: It's all well and good to say "OK, don't take a breath," but your heart is beating so fast when a huge great white shark is close to you, that you can't hold your breath. So I was actually breathing more and causing more air bubbles. And the sharks open up their mouths and extend their jaws when they're nervous, and that makes me very nervous.

Roberts: You're reminded of when Roy Scheider [in the movie "Jaws"] said, "We're gonna need a bigger boat."

Cooper: For me, I think it was, "I need to get back in the boat."

What Would Keynes Do?

The government should spend on stuff, not on bad assets.

Every day that goes by makes clearer the parallels between the current financial crisis and the one that led to the Great Depression. Then, as now, the core problem was one of deflation, or falling prices. But fixing it will require more than just low interest rates. This was the key insight of British economist John Maynard Keynes, whose theories finally explained how to end the Great Depression. They may be the key to solving today's crisis as well.

The Great Depression was so deep and prolonged for many reasons. Herbert Hoover stupidly signed the Smoot-Hawley Tariff, which crippled international trade and finance, and imposed one of the largest tax increases in American history in 1932, which was exactly the wrong medicine at the wrong time. Franklin D. Roosevelt at least understood that deflation was at the root of the problem, but he thought artificially raising the price of gold and preventing businesses from cutting prices and wages by law was the solution. In fact, it prevented the economy from adjusting, which made the situation worse.

What few people understood at the time was that the Federal Reserve was primarily responsible for the deflation and the only institution that could have done anything about it. As we now know, the Fed's tight monetary policy brought on a financial crisis that began with the stock market crash in 1929. Smoot-Hawley was also a factor, but it wouldn't have been capable of inducing such a crisis if Fed policy hadn't already put financial markets in a fragile condition.

In its initial stages, the Fed might have been able to prevent a full-blown depression by being a lender of last resort. It should have been aggressive about buying every financial asset it could lay its hands on and created as much money as necessary to do so. But it didn't. Instead, it was passive and, as the value of financial assets collapsed, banks closed and vast amounts of wealth simply vanished.

The money simply disappeared, because there was no federal deposit insurance in those days. According to research by economists Milton Friedman and Anna Schwartz, the nation's money supply fell by one-third between 1929 and 1933, which induced a 25% fall in price levels over that period.

As prices fell, businesses were forced to sell goods for less than they cost to produce. They couldn't cut costs easily because that meant reducing wages, which workers naturally resisted. Layoffs were the only way to cut costs, but this meant workers didn't have any income with which to buy goods, since there was no unemployment compensation either. This created a downward spiral that proved very difficult to stop.

The decline in wealth also reduced spending, and the fall in prices had the effect of magnifying debts. Debtors were forced to repay loans in dollars worth 25% more than those they borrowed in the first place. Farmers, who are perpetually in debt, were especially hard hit. In effect, if they took out loans that were worth X number of bushels of wheat and were forced to repay them with the same number bushels, they needed 25% more bushels to repay.

MODESTO, California (CNN) -- The photograph became an icon of the Great Depression: a migrant mother with her children burying their faces in her shoulder. Katherine McIntosh was 4 years old when the photo was snapped. She said it brought shame -- and determination -- to her family.

Katherine McIntosh holds the photograph taken with her mother in 1936.

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"I wanted to make sure I never lived like that again," says McIntosh, who turns 77 on Saturday. "We all worked hard and we all had good jobs and we all stayed with it. When we got a home, we stayed with it."

McIntosh is the girl to the left of her mother when you look at the photograph. The picture is best known as "Migrant Mother," a black-and-white photo taken in February or March 1936 by Dorothea Lange of Florence Owens Thompson, then 32, and her children.

Lange was traveling through Nipomo, California, taking photographs of migrant farm workers for the Resettlement Administration. At the time, Thompson had seven children who worked with her in the fields.

"She asked my mother if she could take her picture -- that ... her name would never be published, but it was to help the people in the plight that we were all in, the hard times," McIntosh says.

"So mother let her take the picture, because she thought it would help." Watch "we would go home and cry" »

The next morning, the photo was printed in a local paper, but by then the family had already moved on to another farm, McIntosh says.

"The picture came out in the paper to show the people what hard times was. People was starving in that camp. There was no food," she says. "We were ashamed of it. We didn't want no one to know who we were." Watch a Depression-era daughter's recollections »

The photograph helped define the Great Depression, yet McIntosh says her mom didn't let it define her, although the picture "was always talked about in our family."

"It always stayed with her. She always wanted a better life, you know."

Her mother, she says, was a "very strong lady" who liked to have a good time and listen to music, especially the yodeler named Montana Slim. She laughs when she recalls her brothers bringing home a skinny greyhound pooch. "Mom, Montana Slim is outside," they said.

Thompson rushed outside. The boys chuckled. They had named the dog after her favorite musician.

"She was the backbone of our family," McIntosh says of her mom. "We never had a lot, but she always made sure we had something. She didn't eat sometimes, but she made sure us children ate. That's one thing she did do."

Her memories of her youth are filled with about 50 percent good times, 50 percent hard times.

It was nearly impossible to get an education. Children worked the fields with their parents. As soon as they'd get settled at a school, it was time to pick up and move again.

Her mom would put newborns in cotton sacks and pull them along as she picked cotton. The older kids would stay in front, so mom could keep a close eye on them. "We would pick the cotton and pile it up in front of her, and she'd come along and pick it up and put it in her sack," McIntosh says.

They lived in tents or in a car. Local kids would tease them, telling them to clean up and bathe. "They'd tell you, 'Go home and take a bath.' You couldn't very well take a bath when you're out in a car [with] nowhere to go."

She adds, "We'd go home and cry."

McIntosh now cleans homes in the Modesto, California, area. She's proud of the living she's been able to make -- that she has a roof over her head and has been able to maintain a job all these years. She says her obsession to keep things clean started in her youth when her chore was to keep the family tent clean. There were two white sheets that she cleaned each day.

"Even today, when it comes to cleaning, I make sure things are clean. I can't stand dirty things," she says with a laugh.

With the nation sinking into tough economic times and analysts saying the current economic crisis is the worst since the Great Depression, McIntosh says if there's a lesson to be learned from her experience it is to save your money and don't overextend yourself. iReport: Are you worried about losing your job?

"People live from paycheck to paycheck, even people making good money," she says. "Do your best to make sure it doesn't happen again. Elect the people you think is going to do you good."

Her message for President-elect Barack Obama is simple: "Think of the middle-class people."

She says she'll never forget the lessons of her hard-working mother, who died at the age of 80 in 1983. Her gravestone says: "Migrant Mother: A Legend of the strength of American motherhood."

"She was very strict, but very loving and caring. She cared for us all," McIntosh says.

It was almost like the end of a marriage for broker Lori Van Dusen. After 22 years at Citigroup (C) managing client money, she decided it was time to leave.

From her Rochester (N.Y.) office, Van Dusen manages money for high-net-worth families and institutions, with her average client account worth around $40 million. Brokers like Van Dusen switch firms all the time. But her reasons for leaving are certainly not typical of many brokers. Van Dusen already had a degree of autonomy that's rare in the brokerage industry. However, the approval process for a new investment was long and arduous and Van Dusen believed it was in the best interest of her clients to find a firm than catered to the needs of high-net-worth investors.

So after a year and a half of looking at options with her partner, George Dunn, she decided to join Convergent Wealth Advisors, which had around $9 billion in assets under management before the merger. Together, Dunn and Van Dusen oversee $7 billion in client assets. &qout;We had a business inside a business," Van Dusen says. "But we have a sophisticated client base and we needed an infrastructure designed for our clients."

Billions in Asset Outflow

In the industry, Van Dusen is known as a breakaway broker. For many years now, many brokers have left their wirehouse homes to become independent. Amid the current turmoil on Wall Street, that outflow has increased from a steady stream to a rush. It's difficult to quantify exact numbers—no one can say exactly how many brokers have left in the past year. But assets transferred from these brokers to independent brokerages like Charles Schwab (SCHW), Fidelity Investments, and TD Ameritrade (AMTD) have increased tremendously.

In the first half of 2008, Fidelity gained 55 breakaway brokers and $7 billion in assets. Schwab Institutional, a division of Charles Schwab, added $9.4 billion in net new assets from newly independent advisers during the first half of 2008, up 300% from the same period last year and outpacing 2007's total $9.2 billion. "If you look at the 5,000 advisors associated with Schwab, that little ragtag army has outgained the entire Wall Street combined in the last decade," says Timothy Welsh, president of Nexus Strategy, a firm that assists brokers in going independent.

Wall Street should be worried. The departing advisers are not the B-team. Rather, many are like Van Dusen and have been at their firms for years. They're older—60% leave during their 40s and 50s, according to information from Discovery Database, which tracks adviser movement. They're also established—83% of brokers considering leaving have assets of $10 million or more under management and 33% have more than $100 million, according to a survey by the Aite Group, a Boston-based consulting firm. "The advisers who are leaving are the ones that the firms would like to retain," says Aite Group analyst Alois Pirker.

Unlocking the Golden Handcuffs

Why the exodus? For one, there are fewer reasons to stay. Firms like Schwab and Fidelity now specialize in setting up an adviser's infrastructure, everything from clearing trades to financial software, which helps make for a seamless transition. Furthermore, with the stock prices of Wall Street firms decimated, the value of the shares that provided additional compensation and gave advisers a stake in the company's future have plummeted. The once "golden handcuffs" are now aluminum foil.